Silk Road Fund weighing HK office

City’s legal system, mature financial markets and pool of talent can help China’s investment push, says chairwoman

The US$40 billion Silk Road Fund was weighing a branch office in Hong Kong, its chairwoman said on Wednesday.

Jin Qi, chairwoman of the Chinese-initiated investment fund, also said the fund would closely cooperate with the Hong Kong Monetary Authority to make full use of the city’s financial services industry.

“My answer is a definite yes that we will come to Hong Kong,” Jin said, responding to a question about the fund’s future plans in the city. She did not elaborate however.

The city enjoyed an established legal system, mature financial markets, diversified financial institutions and a pool of talented professionals, Jin told the Belt and Road Summit in Hong Kong.

The Silk Road Fund would also work closely with the monetary authority to make Hong Kong a key financing and investment platform for the initiative, Jin said.

“We strongly support HKMA’s establishment of the Infrastructure Financing Facilitation Office,” Jin said, adding Hong Kong played an irreplaceable role in China’s cooperation with the outside world. The HKMA said last month that it planned to launch the office this summer.

Jin also reiterated the fund was a for-profit entity rather than an aid agency, stressing it would follow a commercially sustainable model in accessing projects.

The Silk Road Fund would focus on supporting real economy development, infrastructure, production cooperation and a “green” and coordinated development in countries along the routes, Jin said.

In March, the president of the Beijing-led Asian Infrastructure Investment Bank (AIIB) said Hong Kong might be admitted as a sub-sovereign member by the end of the year.“As an international financial centre, we believe Hong Kong has a role to play to facilitate financing the AIIB”, Jin Liqun told the Boao Forum for Asia.

(SOUTH CHINA MORNING POST)